Earthquake Damage Sample Clauses

Earthquake Damage. Notwithstanding any provisions of Section 10.1 or 10.2 to the contrary, and provided Tenant is required to maintain coverage for loss or damage caused by earthquake as contemplated by Section 0, if (a) Material Earthquake Damage (as defined below) to the Leased Property occurs and (b) Tenant was not required to maintain insurance therefor pursuant to Section 9.1, Tenant shall have the right, by the giving of Notice thereof to Landlord within sixty (60) days after the date of the earthquake, to terminate this Agreement. If Tenant shall elect to so terminate this Agreement, this Agreement shall terminate as of the date of the earthquake, provided that Tenant shall pay to Landlord, on or before the date of such Notice, an amount equal to the lesser of (x) the Minimum Rent payable for the balance of the applicable Term (without giving effect to such termination but after giving effect to any exercised Extended Term), but in no event less than twenty percent (20%) of the total Purchase Price of the Leased Property, or (y) sixty percent (60%) of the total Purchase Price of the Leased Property. Which payment may be made, at Tenant's election, by application of the Security Deposit.
AutoNDA by SimpleDocs
Earthquake Damage. Major damage to the Property or and of the structures from fire, earthquake, floods, or landslides.
Earthquake Damage. Notwithstanding any provisions of Section 10.1 or 10.2 to the contrary, if (a) Material Earthquake Damage (as defined below) to the Leased Property occurs and (b) Tenant was not required to maintain insurance therefor pursuant to Section 9.1, Tenant shall have the right, by the giving of Notice thereof to Landlord within sixty (60) days after the date of the earthquake, to terminate this Agreement. If Tenant shall elect to so terminate this Agreement, this Agreement shall terminate as of the date of the earthquake, provided that Tenant shall pay to Landlord, on or before the date of such Notice, an amount equal to the lesser of (x) the Minimum Rent payable for the balance of the applicable Term (without giving effect to such termination but after giving effect to any exercised Extended Term), but in no event less than Six Million Fifty Thousand Dollars ($6,050,000.00) or (y) Eighteen Million One Hundred Fifty Thousand Dollars ($18,150,000.00), which payment may be made, at Tenant's election, by application of the Security Deposit.
Earthquake Damage. Subject to Subparagraph A, above, in the event of any earthquake damage to the Premises (not including Lessee’s Special Improvements or Lessee-Owned Alterations or Utility Installations, for which Lessee shall be solely responsible) which is not covered by Lessor’s policy of earthquake insurance, including any deductible related thereto, and which costs less than Fifty Thousand Dollars (50,000.00) to repair. Lessor shall be obligated to make such repairs at its sole cost and expense. Subject to Subparagraph A, above, in the event of any earthquake damage to the Premises which is not covered by Lessor’s policy of earthquake insurance, including any deductible related thereto, and which costs in excess of Fifty Thousand Dollars (50,000.00) to repair, Lessor shall have no obligation to make any such repairs, and may elect to terminate this Lease pursuant to Subsection A, above, unless Lessee agrees in writing, within thirty (30) days following receipt of notice from Lessor that the cost to repair is reasonably estimated by Lessor to exceed the sum of Fifty Thousand Dollars (50,000.00), to the “Capitalization Procedure” (as described below.) In the event that Lessee timely and property notifies Lessor that it agrees to the Capitalization Procedure, Lessor shall have no right to terminate this Lease as a result of such earthquake damage, and shall commence to repair all such damage as soon as reasonably possible and thereafter to diligently prosecute such repairs to completion. In the event that Lessee timely and properly notifies Lessor that it agrees to the Capitalization Procedure, all costs of repairing such earthquake damage in excess of Fifty Thousand Dollars (50,000.00) shall be treated as a Capital Cost, as specified in Paragraph 4 of this Addendum, recoverable from Lessee in accordance therewith, with the reasonable useful life of such repairs being agreed between Lessor and Lessee to be thirty (30) years (the “Capitalization Procedure.”)
Earthquake Damage. Together with the Final Estimate, TENANT shall enclose reasonably detailed backup information justifying the information contained in the Final Estimate and any significant variations from the Preliminary Estimate. If the time contained in the Final Estimate for the completion of the repairs is in excess of two hundred seventy (270) days measured from the date of the Initial Occurrence, then either LANDLORD or TENANT shall have the right to terminate the Lease. TENANT'S exercise of such right will be contained in the Final Estimate; if TENANT does not exercise such right, LANDLORD may exercise such right by giving written notice to TENANT within fifteen (15) days after receipt of the Final Estimate. The Final Estimate shall not include any extra time required to construct new, additional or upgraded improvements to any portion of the Premises, except as may be required to meet building and other codes then in effect. If the cost to repair the Earthquake Damage contained in the Final Estimate is in excess of the sum of the amount of insurance carried by TENANT which covers Earthquake Damage (excluding any deductible amount) plus $1,000,000, then TENANT shall have the right to terminate the Lease unless within fifteen (15) days after receipt of the Final Estimate LANDLORD elects to pay such shortfall.
Earthquake Damage 

Related to Earthquake Damage

  • Earthquake including land shock waves or tremors before, during or after a volcanic eruption;

  • Casualty Damage If the Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt written notice thereof to Landlord. In case the Building shall be so damaged that substantial alteration or reconstruction of the Building shall, in Landlord's sole opinion, be required (whether or not the Premises shall have been damaged by such casualty) or in the event any mortgagee of the Building should require that the insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant in writing of such termination within ninety (90) days after the date of such damage. If Landlord does not thus elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to restore the Building to substantially the same condition in which it was immediately prior to the happening of the casualty, except that Landlord's obligation to restore shall not exceed the scope of the work required to be done by Landlord at Landlord's expense in originally constructing the Building and installing the Tenant Improvements, nor shall Landlord be required to spend for such work an amount in excess of the insurance proceeds actually received by Landlord as a result of the casualty. When the portions of the Premises originally furnished at Landlord's expense have been restored by Landlord, Tenant shall, at Tenant's expense, complete the restoration of the Premises, including the reconstruction of all improvements in excess of those Tenant Improvements originally installed at Landlord's expense, and the restoration of Tenant's furniture and equipment. Landlord shall not be liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair diminution of rent during the time and to the extent the Premises are unfit for occupancy. If the Premises or any other portion of the Building or the Project be damaged by fire or other casualty resulting from the fault or negligence of Tenant or any of Tenant's agents, employees, or invitees, the rent hereunder shall not be diminished during the repair of such damage and Tenant shall be liable to Landlord for the cost of the repair and restoration of the Building or the Project caused thereby to the extent such cost and expense is not covered by insurance proceeds.

  • Explosion 4. Riot or civil commotion.

  • Property Damage Lessee shall obtain and maintain insurance coverage on all of Lessee's personal property, Trade Fixtures, and Lessee Owned Alterations and Utility Installations. Such insurance shall be full replacement cost coverage with a deductible of not to exceed $1,000 per occurrence. The proceeds from any such insurance shall be used by Lessee for the replacement of personal property, Trade Fixtures and Lessee Owned Alterations and Utility Installations. Lessee shall provide Lessor with written evidence that such insurance is in force.

  • Vandalism Or Malicious Mischief This peril does not include loss to property on the "residence premises", and any ensuing loss caused by any intentional and wrongful act com- mitted in the course of the vandalism or malicious mischief, if the dwelling has been vacant for more than 60 consecutive days immediately before the loss. A dwelling being constructed is not consid- ered vacant.

  • Sabotage Sabotage is of concern to all Parties involved on any work site and may affect safety, and therefore both the physical and mental well being of all persons on site. The Parties to this Agreement will not tolerate sabotage, and will ensure that any person/s responsible for such action is immediately dismissed. It is accepted that the relevant authorities may have to be notified, and provisions of the OH&S Act implemented.

  • FIRE AND CASUALTY DAMAGE A. Landlord agrees to maintain standard fire and extended coverage insurance covering the building of which the premises are a part in an amount not less than 80% (or such greater percentage as may be necessary to comply with the provisions of any co-insurance clauses of the policy) of the "replacement cost" thereof as such term is defined in the Replacement Cost Endorsement to be attached thereto, insuring against the perils of Fire, Lightning and Extended Coverage, such coverages and endorsements to be as defined, provided and limited in the standard bureau forms prescribed by the insurance regulatory authority for the State in which the premises are situated for use by insurance companies admitted in such state for the writing of such insurance on risks located within such state. Subject to the provisions of subparagraphs 12(C), 12(D) and 12(E) below, such insurance shall be for the sole benefit of Landlord and under its sole control. If during the second full lease year after the commencement date of this lease, or during any subsequent year of the primary term or any renewal or extension, Landlord's cost of maintaining such insurance shall exceed Landlord's cost of maintaining such insurance for the first full lease year of the term hereof, Tenant agrees to pay to Landlord as additional rental, the amount of such excess (or in the event the premises constitute a portion of a multiple occupancy building. Tenant's full proportionate share [as defined in subparagraph 4(B) above] of such excess). Said payments shall be made to Landlord within ten (10) days after presentation to Tenant of Landlord's statement setting forth the amount due. Any payment to be made pursuant to this subparagraph A with respect to the year in which this lease commences or terminates shall bear the same ratio to the payment which would be required to be made for the full year as the part of such year covered by the term of this lease bears to a full year.

  • Fire a. Driver to park vehicle in safe location and turn off engine.

  • Vandalism Vandalism will result in cancellation of privileges. Vandalism is defined as any malicious attempt to harm or destroy data of another user, Internet, or any of the above listed agencies or other networks that are connected to any of the Internet backbones. This includes, but not limited to, the uploading or creation of computer viruses.

  • Major Damage In the event of Major Damage to a Property prior to the Closing Date, then the applicable Seller shall have no obligation to repair such Major Damage and shall notify Purchaser in writing of such damage or destruction (the “Damage Notice”). Within ten (10) days after Purchaser’s receipt of the Damage Notice, Purchaser may elect at its option to give a Termination Notice for the damaged Property to Seller’s Representative. If Purchaser does not elect to terminate this Agreement with respect to the damaged Property, this transaction shall be closed in accordance with the terms of this Agreement either, at the election of the applicable Seller, (a) for the full Purchase Price for the damaged Property notwithstanding any such damage or destruction, and Purchaser shall, at Closing, execute and deliver an assignment and assumption (in a form reasonably required by the applicable Seller) of such Seller’ rights and obligations with respect to the insurance claim and related to such casualty, and thereafter Purchaser shall receive all remaining insurance proceeds pertaining to such claim (plus a credit against the applicable Purchase Price at Closing in the amount of any deductible payable by the applicable Seller in connection therewith and not spent by such Seller for demolition, site cleaning, restoration or other repairs); or (b) Purchaser shall receive a credit against the Base Purchase Price for the damaged Property for the full replacement costs of repair to the subject Property, plus, to the extent covered by such Seller’s insurance policy, any costs required pursuant to local code or zoning requirements, as determined by an independent third party reasonably acceptable to such Seller and Purchaser. In the event a Seller elects to assign such Seller's rights and obligations with respect to the insurance claim and related casualty to Purchaser as provided above, and if an AIMCO employee is the adjuster for the claim related thereto, Sellers covenant and agree that the adjuster shall act in accordance with standard insurance industry protocols in processing such claim (including, without limitation, the time taken to process such claim).

Time is Money Join Law Insider Premium to draft better contracts faster.